What advantages are to a country whose currency is used by economies of the world to purchase oil?

Question

If all the countries in the world bought oil with my currency, how is that an advantage to me?

Answer 1

when the exporting nation receives your currency, in effect they are receiving your assets, which they can easily (without the hassle of currency exchange) then reinvest in your nation.

Answer 2

If you establish a currency that nobody is using as a medium of exchange, then it's only worth the paper it's printed on. If you can convince people to use your currency as a medium of exchange, then your currency will have more value than the paper it's printed on. Getting more people to use your currency means it will be in greater demand and have greater value, allowing you to buy more with your currency.

If everyone refused to use your currency, then its value drops and you may have to convert your assets to other currencies if you want to engage in international trade.

Answer 3

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Answer 4

There is no advantage to us. In fact, it may even be a disadvantage, or at least a net wash:

If we buy stuff from Japan, they end up with US Dollars. If we were a smaller economy, those dollars would eventually have to be re-invested in our economy.

If other nations (i.e. Kuwait) accept dollars for their largest export, then that money will not necessarily be reinvested by Japan in the US. However, it may all wash if Kuwait uses it to buy food from the United States, etc, etc.

Answer 5

There are no advantages. Not on the scale it matters anyway. Read "Who's Afraid of the Euro" by Paul Krugman:

http://www.pkarchive.org/trade/seignor.html